Research Paper
Year: 2023 | Month: May | Volume: 10 | Issue: 5 | Pages: 553-559
DOI: https://doi.org/10.52403/ijrr.20230565
Effect of Macro-Economic, Commodity Market, and Asian Stock Index on Composite Stock Price Index, 2018-2022
Oyami Sara1, Khaira Amalia Fachrudin2, Nisrul Irawati3
1Postgraduate Students, Department of Management, Faculty of Economics and Business at Universitas Sumatera Utara, Indonesia
2,3Postgraduate Lecturer, Department of Management, Faculty of Economics and Business at Universitas Sumatera Utara, Indonesia
Corresponding Author: Oyami Sara
ABSTRACT
The purpose of this research is to analyze effect of macro-economic, commodity market, and asian stock index on composite stock price index, 2018 to 2022. This type of research is descriptive quantitative. The type of data in this study is time series data taken from January 2018 to December 2022 so that a target population of 60 (5 years x 12) monthly report data is obtained for the sample data in this study. This is due to research that the sample used uses census research techniques. Data collection techniques through library research and field survey. The data analysis used in the study uses error correction model (ECM). The results show that in long and short term, inflation has a negative and significant effect on composite stock price index. Exchange rate has a negative and insignificant effect on composite stock price index. Interest rate has a negative and significant effect on composite stock price index. World oil price has a negative and significant effect on composite stock price index. Gold price has a negative and significant effect on composite stock price index. Nikkei 225 has a positive and insignificant effect on composite stock price index. KLCI has a negative and insignificant effect on composite stock price index. KOSPI has a negative and insignificant effect on composite stock price index. Hang seng in long term has a negative and insignificant effect on composite stock price index, but in short term has a positive and insignificant effect on composite stock price index.
Keywords: Macro-Economic, Commodity Market, Asian Stock Index, Composite Stock Price Index
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